Credit for young people makes up a large part of bank lending. Because people over the age of 18 often need a loan to set up their first home, car or other important investments. Because the trainee remuneration, wages or wages from the first job are usually not so high that these wishes can be fulfilled immediately.
Unfortunately there is also a difficulty. Because if the income is not high enough to convince a bank that you can pay the loan installments on time, it is difficult for young people to get the loan. It also depends on how young you are: Since you are only 18 years old, you can only get a loan for young people at the age of 18.
Use loan calculator
You can find the cheapest loans using the online loan calculator or comparison. This saves you a lot of research and provides the most important information about each loan within seconds. You simply enter the loan amount and the approximate term in the given fields and after a click you get a good overview.
You can still sort the results and have them forwarded directly to the cheapest provider. In comparison to your house bank, you may be able to save several hundred USD through the loan comparison. Read the conditions carefully on the respective bank website. If you agree, you can get an immediate confirmation by entering your personal data and income relationships.
If in doubt, clamp the parents
However, if your income is too low for the loan for young people or a Credit bureau entry is a hindrance, you can have your parents registered as a second borrower. The prerequisite is of course that they agree and are solvent. If your parents, other relatives or friends sign the loan agreement as a guarantor, the chances of getting a loan for young people are much higher.
If you can’t find anyone who wants to become your second borrower, you have another option. Buy the required items directly from the mail order company in installments. Of course, you must also have a good credit rating there. But the rules are usually a little more relaxed.